Yesterday the U.S. Securities and Exchange Commission (SEC) announced it reached a settlement with the Bloom Protocol. Bloom conducted a token ICO ending in January 2018, raising $31 million, and the SEC considers this ICO an unregistered securities offering.
Bloom started out focusing on credit scoring and currently offers self-sovereign identity solutions. Since its founding in 2017, it has had relationships with Transunion, BMW, Amex Middle East, and crypto lender BlockFi.
Under the settlement, Bloom has to pay the SEC $300,000, register its tokens as a security, and offer those that bought tokens in the ICO a refund. If it doesn’t comply, the $31 million raised will become a fine.
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